PSAB’s Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150”

We want to know what you think of the proposals in our Exposure Draft, “Tangible Capital Assets, Proposed Amendments to Section PS 3150.”

The proposed amendments are the result of reviewing Section PS 4230, Capital Assets Held by Not-for-Profit Organizations and Section PS 4240, Collections Held by Not-for-Profit Organizations to determine what amendments, if any, should be proposed to Section PS 3150, Tangible Capital Assets. This project represents the first of many standard-level projects to implement PSAB’s Government Not-For-Profit (GNFP) Strategy.

The proposals may impact any public sector entity applying the CPA Canada Public Sector Accounting (PSA) Handbook, not just those government not-for-profit organizations (GNFPOs) applying the PS 4200 series.

For GNFPOs currently applying the PS 4200 series, once the entity applies Section PS 3150, Sections PS 4230 and PS 4240 would no longer apply. Once the GNFP Strategy has been implemented, that is the review of the PS 4200 series has been completed, there will no longer be a suite of standards specific to GNFPOs, the PS 4200 series will be withdrawn from the PSA Handbook. Instead, there may be customizations within a standard specific to GNFPOs.